MagneGas Corp. (NASDAQ:MNGA) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report released on Friday.
According to Zacks, “MagneGas Corporation is an alternative energy company that creates and produces hydrogen-based alternative fuel through the gasification of liquid waste. It produces MagneGas(TM), a natural gas alternative and metal working fuel that can be made from certain industrial, municipal, agricultural and military liquid wastes. The company’s patented Plasma Arc Flow process gasifies liquid waste, creating a hydrogen based fuel for use in metal working, cooking, heating, and for powering bi fuel automobiles. MagneGas Corporation is based in Tarpon Springs, Florida. “
Shares of MagneGas Corp. (NASDAQ:MNGA) opened at 0.4802 on Friday. The firm’s market capitalization is $25.04 million. The stock’s 50 day moving average is $0.65 and its 200 day moving average is $0.68. MagneGas Corp. has a 12 month low of $0.47 and a 12 month high of $2.50.
MagneGas Corp. (NASDAQ:MNGA) last announced its earnings results on Monday, November 14th. The company reported ($0.08) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.05) by $0.03. MagneGas Corp. had a negative return on equity of 99.78% and a negative net margin of 417.93%. The business had revenue of $1 million for the quarter. Equities research analysts forecast that MagneGas Corp. will post ($0.23) earnings per share for the current fiscal year.
In other MagneGas Corp. news, Director Carla Santilli sold 166,780 shares of the company’s stock in a transaction on Thursday, September 22nd. The shares were sold at an average price of $0.69, for a total transaction of $115,078.20. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Corporate insiders own 13.50% of the company’s stock.
MagneGas Corp. Company Profile
MagneGas Corporation is an alternative energy company. The Company creates and produces hydrogen-based alternative fuel through the gasification of carbon-rich liquids, including certain liquids and liquid wastes. The Company is also developing the use of fuel for co-combustion with hydrocarbon fuels to reduce emissions.